Know your debt relief options!

If you’re struggling with large amounts of debt, consider one of these options for getting out of the red and into the black:

• Credit Counseling does not reduce principle balance, only interest and fees. You could still end up paying back 150% – 200% of what you currently owe. This option is best for consumers not completely overwhelmed by debt and who are looking for a way to better manage their finances. It has the least impact on your credit score, but can take years to complete.
• Debt Settlement is more aggressive than credit counseling and involves a third party negotiating with your creditor to reduce the principle amount owed. This is a great option for those looking to avoid bankruptcy at all costs. With more impact on your credit score than credit counseling, it is not as damaging as bankruptcy, with typical completion in 18-36 months.
• Bankruptcy, while scary, is sometimes the only choice a consumer has to get out of debt. Consumers shouldn’t let fear keep them from doing what’s best for their financial situation. Bankruptcy is best for consumers who have exhausted every option and have no other avenue for paying down their debt. It is the most damaging option for your credit score, lasting up to seven years on your credit report.

If you do choose debt settlement, one way to make sure you’re working with an ethical debt settlement company – and not a predatory “bad actor” – is to ensure they’re associated with and accredited by the United States Organizations for Bankruptcy Alternatives (USOBA) or The Association of Settlement Companies (TASC) or the International Association of Professional Debt Arbitrators (IAPDA). These three associations hold their members to higher standards of ethics and transparency, with consumer protection in mind.

Clear Financial Company – Ethical Debt Relief 866-659-7966, www.cearfinancialcompany.com

Is Debt Settlement Ethical?

If you’ve found yourself in a position where you are way behind in your credit card payments and have no way to pay off your debt, you must find a solution. Sure, if you have the money to pay off the lenders, you should do so. But if you don’t, try the next best thing – settle!

After you’ve missed enough payments, a lender doesn’t expect to recoup the borrowed money from you. Statistically they can predict that they will not see that money again. If it is an unsecured debt (meaning that you don’t have anything attached to it, like a car or house), they really have no recourse.

So, they are willing to negotiate. They want to try to get something back. At this point, their number crunchers tell them that anything is better than nothing.

So this puts you in the driver’s seat!

“But shouldn’t I pay them what I owe them? After all, I made an agreement.”

That’s a question only you can answer. If you feel that way, you need to find a way to earn that money and pay them back. But if you want to pay them off and just move on, working toward re-establishing your credit, you need to settle.

Give us a call and we’ll give you a free consultation!

Toll Free 866-659-7966 or visit our site www.clearfinancialcompany.com

Gambling with Debt

Are you the kind of person who enjoys going to Vegas and shooting craps or playing blackjack? It can be fun, but we all know that the house always wins in the end. Same with credit card debt. The creditors make sure to come out ahead.

“But I have a 0% interest rate!  What could possibly go wrong?”

Plenty!

If you read the fine print, you’ll see that they have the right to revoke that rate if something goes wrong. Now, you might think that this means that in order to get a penalty you’d need to be late with their credit card.  Not so. If you’re late with any payment (meaning 30 days overdue) on any card, they can turn your 0% to 20% is 60 seconds.

“But I can reason with them!  After all, I’ve been a loyal customer for 10 years!”

Sadly, usually not. It’s worth a shot, but typically they go by the numbers, and if your credit report took a hit, they don’t want to take a risk on you.

So, the safest thing to do is to not accumulate a debt.  Pay off your cards each month.  Save your money for that trip to Vegas!

The way out of Debt – Simple Steps

Most people think of being in debt as irresponsible. We don’t! We have seen thousands of different reasons for being in debt, it can happen to anyone and when it does, it’s tough.

Overdue bills, credit card debt, school loans, and medical expenses can quickly pile up, making it impossible to stay afloat, nevermind get ahead or even meet your monthly payments.

If you’re like many other people who are struggling financially, where can you turn for help? Many of our clients experience the depression and anxiety of debt while trying to survive the daily stress of life.

To be in debt costs money. More then you can imagine. If you ever set down and calculated how much money you will pay back to your creditors, you jaws would drop.

If you’re buried in credit card debt or other unsecured debts, there are simple things you can do to cut down expenses and increase Cash Flow.

1. Get out of debt by making a game plan and sticking with it. Get an extra job, live on less money, tighten your belt. It’s not a rocket science, but it’s emotional which is why most people need help getting through it. When you are in debt, your number one priority should be to resolve you debt issues.
2. Avoid reaching for your credit cards. The best way to stay away from the “plastic” is to have some reserves. Do you best to have at least $1,000 in your savings account, or under the pillow or wherever it is quickly accessible. This money is for emergencies, when your car breaks down or your fridge gives up on you! IPods, new cell phones, weekly movies are not emergencies. Not when you have debt.
3. Increase you income! Get a second job or start your own business. I know the economy is rough, and joblessness is sky high, and the media already buried all of us, but keep in mind, many of today’s millionaires became wealthy during the last recession. Look for income opportunities, you may just find the right thing for yourself.
4. Raise money by selling unwanted items. It’s amazing how much useless junk can sit in an average garage. Surprisingly, people will give money for you unwanted junk, so collect the stuff you don’t use, you may never did or you never will, and sell it on ebay, Craig’s list or organize a garage sale. Most people can easily raise few hundred dollars just by selling off stuff they don’t use.
5. Make meals at home. Eating Out can be very expensive. You can save a significant amount of money if you prepare food at home.

A borrower is always slave to his lender. Nobody wants to be a slave. Do your best to get out of the game, and play a better Game! The game of being debt free! If you are struggling with excessive debt, and if you need professional help,  please visit our site for more information.